Santander

French toll road operator Holding d’Infrastructures de Transport paid a hefty premium last Friday as it sold a dual tranche bond to help refinance its March 2018 note. The Baa3 rated subsidiary of Spanish infrastructure company Abertis suffered from the uncertainty surrounding a takeover of its parent company.

French toll road operator Holding d'Infrastructures de Transport paid a hefty premium on Friday as it sold a dual tranche bond to help refinance its March 2018 note.

The last time British Telecommunications (BT) sold sterling bonds, the global financial crisis was still to strike. It returned on Tuesday after more than 10 years away, issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

The supply of hybrid bonds continued this week, with an additional feature — both hybrids sold this week were certified as green bonds.

Property has been the standout sector in a good year for sterling corporate bond issuance. On Wednesday, Places for People added to issuance with its first sterling bond of 2017, but failed to tighten from initial price thoughts.

Banco Santander is preparing to sell its non-preferred senior bonds in the public yen market, with pricing expected in early December.

The last time British Telecommunications sold sterling bonds, the global financial crisis was still beyond the horizon. It returned on Tuesday after more than 10 years only issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

Investors in green corporate bonds had two very different deals offered to them on Tuesday. Spanish utility Iberdrola sold a green hybrid bond, while Toyota Motor Credit Corp, Toyota’s auto finance subsidiary, offered a long 3.5 year green tranche alongside a seven year non-green tranche.

Santander Consumer Bank is set to issue its first Pfandbrief on Wednesday after it mandated lead managers for a roadshow last week.

The last six weeks of 2017 in European equity capital markets look set to be busy with rights issues, as a string of companies has announced plans to raise capital before year end.

Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.

Demand is so hot in Europe's corporate bond market, that with pricing being driven to ever tighter levels, bankers are beginning to believe the rally is self-sustaining, and would continue even without European Central Bank (ECB) support, writes Nigel Owen.